Tuesday, 23 July 2013

International Money Transfers Secure And Fast

When one needs to make international money transfers, whether for business or for personal purposes, the two most important elements one usually considers are the security and speed of the transfer method.

Secure Transfers

Most foreign exchange brokerage companies offer a reliable and safe method to transfer currency to another country. With online tracking systems, the client is able to monitor his funds at all times and be notified exactly when it reaches the intended recipient. These companies are also FSA approved, which means they fall under government regulations and their activities are constantly monitored.

Most foreign exchange services company deliver the funds directly into the recipient's bank account, so there is like likelihood of fraud or any other misuse of funds taking place.

Fast Transfers

These companies offer quicker transfers of money when compared to conventional methods like cheques etc. With services like Instant Money Transfer, payments can be made instantly or within the same working day for major currencies. Once an account is set up it is very easy for the client to send money from his home or office, via telephone or the internet and hence time is not lost by having to go to the broker's office. With such a variety of service providers in the market, choosing one that specializes in your particular type of transfer requirements, means you save time by directly going to the expert.

Customized services

Most money transfer UK companies offer various types of transfer services. While some can assist you to transfer currency to another country if you are migrating, others will be able to offer you favorable exchange rates for international money transfers made to suppliers abroad. Some offer expert advice on buying property abroad while others specialize in payments that need to be made on a regular basis.

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Monday, 1 July 2013

How to make a cheap international money transfer

Money transfers are priced based on a combination of how much you want to transfer and how much the provider’s upfront charges add to the total. This means the overall cost will largely depend on two charges that are applicable to every money transfer, fees and exchange rates:

Fees

These are the clearest costs associated with a global money transfer and will be stated explicitly by the provider. They include any commission payable on the amount you send and the transfer fees that you’re liable for.

You may also need to pay receiving fees when your money arrives at its destination. Some providers don’t state these clearly – so make sure to check if you’ll incur a charge from the receiving account so you know exactly what you’ll pay.

Exchange rates

Exchange rates determine how many Dollars, Euros or Chinese Yen you will get for the amount you want to transfer and can be something of a hidden cost because they are more difficult to calculate.

Money transfer services often don’t state the exact exchange rate they offer; instead they tend to declare the cost of a money transfer as an overall package, inclusive of fees and exchange rates.

The easiest way to find the best money transfer abroad is to compare the total cost, i.e. how much your transfer will cost once all the fees, charges and exchange rates have been taken into account.

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How to choose a currency specialist

Its important that you undertake the following checks when choosing a currency specialist:

• How long have they been in business?
• Are they authorised by the Financial Services Authority (FSA) under the Payment Services Regulations 2009? Companies that are authorised by the FSA have had to meet strict capital adequacy and business practice rules, comply with Payment Services Regulations and the FSA’s Conduct of Business requirements.
• Are they registered with HM Customs as an overseas money service business?
• Do they hold your money in segregated client trust accounts? (your funds are held separately from company funds protecting it from creditors).
• Do they have audited accounts on their website and how strong is the company’s balance sheet?
• Do they have professional indemnity insurance protecting customers from staff fraud etc.
• How many staff do they have and what turnover? (Obviously a large established company is more reliable than two guys in a back room, though it’s no guarantee).
• Do they have direct access to SWIFT? SWIFT is the world’s largest payments and settlements network for domestic and international trades. Direct access ensures you, the client, benefit from faster payments and enhanced security.

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How can foreign exchange rate volatility affect you?

As the exchange rates are constantly changing, an important aspect to your transaction will be the timing.
Here’s an example:

A European property priced at €200,000 would have cost £169,780 at the end of September 2010. Due to exchange rate movements, that same property would have been £8,791 more expensive at £178,571 just one month later.

In many cases, people don’t pay much attention to what’s happening to the exchange rate and simply leave their decision to make the international money transfer to the last minute hoping for a good rate, assuming, that without all the funds available, there isn’t much they can do.

Regardless of why you’re transferring your money, the larger the amount you’re looking to move overseas, the more important it is to maximise the timing of your transaction and minimise the risk that the exchange rate could get worse and make your money worth less. Remember, as soon as you decide to move overseas or buy and sell an asset abroad such as a property, you are exposed to adverse moves in the currency market.
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International money transfer charges explained

When making international payments, the costs fall into two simple areas: fees and the exchange rate. When shopping around and comparing one company to another, regardless of whether it’s your high street bank or one of the many currency specialists in the UK, it’s important to pin point both.

Fees - the key charges to look out for include transfer charges and overseas bank receiving fees.
Exchange rates - many companies claim to be ‘commission free’ then load the exchange rate. It’s also difficult to get hold of the exact rate and compare it, as some providers simply don’t provide the information.

Getting the most for your money actually boils down to a very simple question…
“How many Euros/ Dollars/ Swiss Francs etc. will I receive for my pounds, after all charges?”

Remember exchange rates often change by the minute, so to compare providers properly you need to do it one after the other.

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